Ethan Allen Doubles Q4 Net; FY Net Rises 32.2 Percent
July 24, 2014,
DANBURY, Conn.-Sales gains in both of its divisions and controlled expenses helped Ethan Allen to a 108.5 percent jump in fourth-quarter net income, to $17.1 million. For the fiscal year ending on June 30, the company posted a net-income gain of 32.2 percent to $42.9 million.
Net sales in the quarter climbed 9.1 percent to $198.8 million. Sales in Ethan Allen's retail segment increased 7.1 percent, while the wholesale segment posted an 8.8 percent gain. For the full fiscal year, net sales were up 2.4 percent to $746.7 million.
Selling, general and administrative expenses in the quarter increased 3 percent in dollars but were down 252 basis points as a percentage of sales, to 42.4 percent. Gross margin tacked on 60 basis points to finish the fourth quarter at 54.6 percent.